Hospitality

Meridian Capital Arranges $13M Construction Loan for New Marriott Towne Suites in Long Island City

by Amy Works November 23, 2016

NEW YORK CITY — Meridian Capital Group has arranged $13 million in ground-up construction financing for the development of the Marriott Towne Suites hotel located at 38-42 11th St. in Long Island City. The two-year construction loan, provided by a local savings bank, features full-term interest-only payments and an extension option. Midtown Properties, the borrower, is developing the 10-story extended-stay hotel that will feature 133 guest rooms. Eli Finkel and Michael Ryback of Meridian Capital arranged the financing.

November 23, 2016

Hospitality New Mexico Western

Super 8 Taos in New Mexico Sells for $1.5M

by Nellie Day November 23, 2016

TAOS, N.M. — Jayjala LLC has acquired a 49-room Super 8 Taos motel for $1.5 million. The property is located at 1347 Paseo Del Pueblo Sur in Taos. Leilani Tedeski and Bruce Barnhard of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

November 23, 2016

Hospitality Texas

HREC Arranges Sale of 160-Room DoubleTree Hotel in Metro Dallas

by Amy Works November 22, 2016

FARMERS BRANCH, TEXAS — HREC Investment Advisors has brokered the sale of the DoubleTree Dallas Farmers Branch hotel located at 11611 Luna Road in Farmers Branch, a suburb of Dallas. Glacier House Hotels acquired the 160-room property from Presidian Hotels for an undisclosed price. Mike Armstrong of HREC brokered the transaction.

November 22, 2016

Hospitality Midwest Wisconsin

HREC Arranges Sale of GrandStay Hotel in Appleton, Wisconsin

by Kristin Harlow November 21, 2016

APPLETON, WIS. — HREC Investment Advisors has arranged the sale of an 80-guestroom GrandStay Hotel & Suites, a regional hotel chain, in Appleton. The sales price was not disclosed. The hotel is located at 300 N. Mall Drive near the Fox River Mall and Outagamie Regional Airport. Features include an indoor pool, lobby bar and exercise room. Regal Hospitality Inc. was the buyer. Scott Kaniewski of HREC Chicago exclusively represented the seller, Pearlshire Capital.

November 21, 2016

Hawaii Hospitality Top Stories Western

Ares Management, SMW Hospitality, Trinity Investments Buy Ritz-Carlton Kapalua in Maui

by Jeff Shaw November 21, 2016

LAHAINA, HAWAII — A joint venture between funds managed by Ares Management LP (NYSE: ARES), SMW Hospitality LLC and Trinity Investments LLC has acquired The Ritz-Carlton Kapalua in Lahaina on the Hawaiian island of Maui. The JV acquired the property from a partnership between Woodridge Capital Partners LLC and Colony Capital Inc. The price was not disclosed. The Ritz-Carlton Kapalua is an oceanfront property located on 49 acres of Maui’s northwest shore. The hotel is part of the 23,000-acre master planned Kapalua resort, home to the Kapalua Wine and Food Festival and the PGA Tour’s Tournament of Champions. The resort is renowned for its golf courses, tennis facilities, beaches, restaurants and shops. The Ritz-Carlton Kapalua features 297 guestrooms, as well as 107 condos within a dedicated wing of the hotel. Known as The Residences, the one- and two-bedroom condos were recently renovated. The joint venture plans to renovate the hotel’s common areas and guest rooms following the acquisition. The hotel’s amenities include a 17,500-square-foot spa with 15 treatment rooms, three-tiered swimming pool, fitness center, 4,844-square-foot retail arcade, access to two championship golf courses (The Bay Course and The Plantation Course) and instruction at Kapalua Golf Academy. In addition, guests can …

November 21, 2016

Hospitality Market Reports Texas Texas Market Reports

San Antonio: Hospitality on the Rise

by Haisten Willis November 18, 2016

San Antonio evokes many positive images: the River Walk, the Alamo, Fiesta, the Mission Trail, Texas Hill Country and more. All of these images have one thing in common: hospitality. San Antonio is known for its warmth and hospitality. It is a fun place to visit for the many conventioneers and tourists that are attracted to the city year after year. It is also a good place to do business and a great place to live. Strength of the Market San Antonio boasts a strong economy. Overall employment grew at 3.5 percent over the past year, including an above-average growth of 3.2 percent for hospitality, retail and healthcare employment. Unemployment declined to 3.6 percent in July 2016, with strong increases in the labor force, according to Moody’s Analytics. Tourism and convention activity drive the economy, strengthened by a large military and cybersecurity presence. Manufacturing, healthcare and energy round out San Antonio’s strong, stable economy. The San Antonio lodging industry has also maintained a strong and steady pattern. While other Texas markets are adding a lot of new supply, San Antonio has kept the number of new hotel rooms to a minimum, adding only about 1,000 rooms over the past five …

November 18, 2016

Georgia Hospitality Mixed-Use Southeast

Majestic, Carter to Develop $350M Mixed-Use Project at Hartsfield-Jackson Atlanta International Airport

by John Nelson November 16, 2016

ATLANTA — Master developers Majestic Realty Co. and Carter have announced plans for a $350 million mixed-use project at Hartsfield-Jackson Atlanta International Airport. Phase I of the project will include an 11-story, 440-room hotel that features a restaurant in the lobby, 80,000 square feet of conference/meeting space, a skybar on the 10th floor that overlooks the airport’s runway, 750 parking spaces and an additional 60,000 square feet of Class A office space. Visitors and hotel guests will have direct access to MARTA and the airport’s SkyTrain service. Majestic Realty and Carter are currently in discussions with InterContinental Hotels Group to serve as the operator of the four-star facility, which will be situated directly west of the domestic terminal. The hotel will be connected to the domestic terminal via a new plaza. Phase II of the project will feature two additional hotels built on 13 acres just west of Phase I. The design stage is expected to begin in 2017 with construction slated to start by early 2018. In 2015, Majestic Realty and Carter signed a 50-year lease for the 26.5-acre site with the city of Atlanta. The master development is part of the airport’s $6 billion ATLNext Initiative.

November 16, 2016

Hospitality Northeast Pennsylvania

HREC Arranges Sale of La Quinta Inn & Suites in Pittsburgh

by Amy Works November 16, 2016

PITTSBURGH — HREC Investment Advisors has brokered the sale of La Quinta Inn & Suites Pittsburgh North McKnight, located at 4859 McKnight Road in Pittsburgh. Buffalo, N.Y.-based Hamister Group acquired the 145-room hotel for an undisclosed price. Ketan Patel and Ted Anka of HREC represented the seller in the transaction.

November 16, 2016

Hospitality Midwest Missouri

Midas Hospitality to Manage New Staybridge Suites in Maryland Heights, Missouri

by Kristin Harlow November 16, 2016

MARYLAND HEIGHTS, MO. — Midas Hospitality will manage the new $16 million Staybridge Suites hotel located at 25 Progress Parkway in Maryland Heights, a suburb of St. Louis. The 122-room hotel features one- and two-bedroom suites. MC Hotel Construction, a sister company of Midas Hospitality, built the hotel.

November 16, 2016

California Hospitality Retail Western

Mount Palomar Winery to Build Resort, Events Venue in Temecula

by Nellie Day November 15, 2016

TEMECULA, CALIF. — The Mount Palomar Winery has received county approval to develop a resort and event venue in Temecula. The resort will include 180 guest rooms ranging from hotel rooms to cottages and villas. It will also feature a 1,800-seat amphitheater, restaurant, retail space and spa, in addition to a 17,000-square-foot tasting room. Mount Palomar will also add more vineyards and a production facility capable of producing 60,000 cases of wine per year.

November 15, 2016

Newer Posts

Older Posts